Sacramento daily record-union. [volume] (Sacramento [Calif.]) 1875-1891, 1887-02-04
such investments. 1t is worth more to
them as individuals

| Another change made in the statute by
i this bill enables US to advertise for the sur
| render of both classes-bonds and cou-
pons. There will be a wider market,
| more competition and as natural re-
suit, better terms will be secured. 1t
also strikes out the thirty-five cent
limit on bonds, which precludes the
purchase of any at present, they being
worth more. and me can be obtained at
that price. Let US st ike that restriction out,
and allow the Commissioners to invest in
bonds at the best figure possible. The
committee has this money to invest and
they should be allowed to go into the
| market and do the best they can with it.
This year $4,000 or $4,000 will come
into the hands of this Commission. Most
of the coupons are paid up to 1877. To be
paid out of that money will be coupons of
1876 and 1873. The Funded Debt Com
missioners hold of such coupons $55, 900.
Say the amount to be paid out this year is
SS5, 900. Then Meyer & Co. will receive but
$50, 900, and the city the other $4,000 out
of the $4,000. Nobody wants to repudiate
the debt of the city. To abolish
this Commission now would in effect
wipe out all the bonds held by the Com
mission, for the city cannot o,o,l its o,gn in
debtedness. The past due coupons are paid
in the order they fall due. The Commits
sion has $4,000 worth of the 1876 and 1878
coupons. Abolish that Commission and
Meyer Il Co. got their pay for their coupons
of rs, rs, and 70. The repeal of that bill
means $350,000 hard cash, voted to Never
and Davis. That is Just what the
City Trustees and Major Anderson want to
do. They are willing to sacrifice $35O,0OO
to those men, whom they are pleased to
denominate as shylocks. These gentle
men are confirmed and open enemies of
this Commission. They are wildly and
egregiously mistaken if they think thew
are acting in the interest of the people.
The Sacramento Bee, with its staff of
legal writers-Judge McKune and Major
Anderson-are endeavoring to mislead the
public. No intelligent man will listen for
moment to such bosh and nonsense as
Judge McKune publishes over his sigma
ture. 1t is ridiculous; it is absurd.
He refers to the tax levy and says.
The Carroll -Dray tax levy of 50
cents" | have explained that, instead of
10 cents, the lowest under the present
statutes this bill allows us to go down to
one cent. Instead of paying whatever is
asked, as intimated by Judge McKune, this
bill allows them to refuse any and all bids
1t is useless to refute such misrepresenta-
tons of fact as appear in the Bee-a paper
which Is noted for never publishing but
one side of question.
Judge Beatty then read an article in the
Bee, from the pen of Major Anderson, and
denied that it was truthful statement of
facts, and claimed that it was misleading
in many particulars, especially whenever
he referred to the prices of bonds. He
said that Mr.. Treichler, who had much
to say against the proposed bill, was
one who some time since was try
ing to secure the reputation of the
city debt. Sacramento is prosperous. The
conditions to-day are different from those
of 1862. The city is prosperous and her
obligations enhanced. Her credit has in
creased. The city actually holds 81, 10000
of her debt, which in round numbers is
S3,300,0OO. If il were not for this Com
mission, she would owe it all. The cree
ton OF this Commission YVES good specu-
latioD, yet Major MISUNDERSTANDING as
it may seem-claims, in face of the above
facts, that the appointment of that Com
mission was a public calamity" These
bonds are scattered all over the world.
from Liberia to Brazil, but the major por-
ton of them are in Germany
Judge Beatty then referred to the per-
sonnet of the Commission, and reading
from their reports, showed with what
economy the same had been conducted.
The statute provided that they could en-
ploy clerk at $500 per annum. This they
never had DONE but during the fourteen
years of the existence of the Commission
they had done all of that work themselves.
Mr.. Anderson-If that bill could be
voted on by the people it would be beaten
out of sight.
Judge Beatty-Yes, if they would listen
to your Misrepresentation of fact they
might, but whenever the true facts are pre-
sented to an intelligent body, they are
accepted.
At the close of Judge Beattys statement,
it being 10 o'clock, the committee ad-
journed to 10 a. NJ. to-day, when Major
Anderson will be heard in opposition to
the bill